IQ stands for Intelligence Quotient and is a measure of an individual's cognitive ability relative to their peers. It's calculated based on standardized tests that assess a range of abilities such as reasoning, problem-solving, and perception. IQ tests are widely used for educational and occupational purposes, but it is important to note that IQ is just one aspect of intelligence and does not determine success or determine a person's worth as an individual. Additionally, it is just a snapshot of someone's cognitive abilities at a particular point in time and can be influenced by factors such as stress, lack of sleep, and even exam anxiety.